Indiabulls gets HC’s nod for revamping business

Mumbai: Indiabulls Financial Services said on 17 December it has received Delhi High Court’s approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) and the demerger of Indiabulls Securities (ISL).

The High Court has approved the scheme of arrangement between ICSL and Indiabulls Financial Services (IFS) for the merger of ICSL with the latter, IFS informed the Bombay Stock Exchange.

The court has also approved the demerger of the securities broking and advisory business of the company — ISL, it added.

Earlier, on 15 February the firm’s board of directors had given its approval to the scheme of arragements.

The board had also sanctioned the share exchange ratio in relation to the merger of ICSL with Indiabulls Financial. According to it, IFS would allot three shares of the company for every 10 equity shares held in ICSL.

In connection to the demerger, ISL would issue shares and Global Depository Receipts (GDRs) to the shareholders and GDR holders of IFS.

The company’s shares were trading at Rs914, down 0.43% in morning trade on BSE.